Renovated 4-Unit Victorian
314 Cornelia St 4 Boonton, NJ 07005
314 Cornelia St 4, Boonton, NJ, 07005
$1,690,000
For Sale
$1,690,000
Just renovated 1865 Queen Anne Victorian quadplex with four separate units, unfinished walk-out basement, and detached two-car garage.
Property Size6,000 SF
Price / SF$281.67
Days on Market21
Property Features for 314 Cornelia St 4
General Information
- Standard status
- Active
- Size
- 6,000 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1865
Listing agency
RE/MAX SELECT
(973) 625-0450
Listed by
JOSEPH MORREALE
Source
Elliman
Added: Jul 1 Updated: Jul 20 at 6:14PM Checked: Jul 21 at 6:14AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX SELECT
Investment Insights
Based on property information with market context.
An 1865 Queen Anne Victorian quadplex known as the “Cornelia House,” recently renovated and arranged as a grand, three-story, four-family property. The home provides approximately 6,000 square feet of living space, plus a full walk-out unfinished basement. A detached two-car garage sits on a large, level private lot and is accessed via a circular driveway with ample parking.
Unit mix includes Unit 1 with 2–3 bedrooms (approximately 1,500 square feet), Unit 2 as a 1-bedroom, Unit 3 with 2 bedrooms, and Unit 4 with 3 bedrooms (approximately 2,000 square feet). The units have been updated with new custom kitchens, custom bathrooms, luxury vinyl flooring, and LED lighting. Heating and cooling are provided by new systems: Units 1 and 4 include natural gas heat and central air, while Units 2 and 3 include split air heat and AC. All units also have new windows and new electric hot water heaters, with separate electric service. Sewer and water are shared.
The original slate roof remains in good condition. The property is currently for rent and is described as close to public transportation, major routes, and shopping.
Unit mix includes Unit 1 with 2–3 bedrooms (approximately 1,500 square feet), Unit 2 as a 1-bedroom, Unit 3 with 2 bedrooms, and Unit 4 with 3 bedrooms (approximately 2,000 square feet). The units have been updated with new custom kitchens, custom bathrooms, luxury vinyl flooring, and LED lighting. Heating and cooling are provided by new systems: Units 1 and 4 include natural gas heat and central air, while Units 2 and 3 include split air heat and AC. All units also have new windows and new electric hot water heaters, with separate electric service. Sewer and water are shared.
The original slate roof remains in good condition. The property is currently for rent and is described as close to public transportation, major routes, and shopping.
Key Highlights
- Just renovated 1865 Queen Anne Victorian quadplex with 4 separate units and approx. 6,000 SF of living space
- Unit mix: Unit 1 approx. 1,500 SF (2–3 BR), Unit 2 (1 BR), Unit 3 (2 BR), Unit 4 approx. 2,000 SF (3 BR) with mountain views and a Boonton Reservoir view
- All units have new custom kitchens and custom bathrooms, luxury vinyl flooring, and LED lighting
Local Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $153.4k | $25.56 |
| − Vacancy | −$9.9k | −$1.65 |
| EGI | $143.5k | $23.91 |
| − OpEx | −$43.0k | −$7.17 |
| NOI | $100.4k | $16.74 |
6,000 SF · lease $25.56/SF/yr · vacancy 6.46% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$1.43M
$1.26M – $1.67M
NOI $100,417 @ 7.0% cap · market cap 5.94%
Second Best
Apartment 5plus
$1.32M
$1.15M – $1.54M
NOI $92,268 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$1.57M
$1.37M – $1.83M
NOI $109,670 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Quadplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Quadplex - Just renovated 1865 Queen Anne Victorian quadplex with four separate units, unfinished walk-out basement, and detached two-car garage.
Where is this quadplex located?
The property is located at 314 Cornelia St 4 Boonton, NJ.
What is the asking price?
The asking price for this property is $1,690,000.
What are key features of this property?
This property features: Just renovated 1865 Queen Anne Victorian quadplex with 4 separate units and approx. 6,000 SF of living space; Unit mix: Unit 1 approx. 1,500 SF (2–3 BR), Unit 2 (1 BR), Unit 3 (2 BR), Unit 4 approx. 2,000 SF (3 BR) with mountain views and a Boonton Reservoir view; All units have new custom kitchens and custom bathrooms, luxury vinyl flooring, and LED lighting
